Closing or 'settlement' is the process of completing a real estate transaction. During closing deeds, mortgages, leases or other required instruments are signed or delivered. Furthermore accounting between parties takes place, monies are disbursed, and documents needed for recording are obtained.

Upon receipt of the signed sales contract, the first step is to perform a title search for the property. A title search determines based on a search of the public record, who owns a specific piece of property and what liens or other interest affect that property. Documents searched include court records, property and name indices. Additionally, the sellers right to transfer ownership is verified, along with any claims, defects or other rights that may affect the property.

Why do I need a Title Search?

A title must be deemed "good and marketable" before the settlement process can continue. The results of the title search identify (among other things): the current owner of the property; any liens on it; and any limits on how an owner can use the property. PC Stamm will examine the title search report to determine what—if anything—must be done in order to clear the title to the property so that the buyer can obtain its (and its lender's) goal of a "good and marketable" title.

The concept of title insurance is generally misunderstood. Unlike most insurance which protects against the risk of future events, title insurance exists to eliminate losses due to defects in title which occur as a result of things that happened in the past.

Even the most careful title search will not reveal some situations or events that could cast doubt on your title to the property. Title insurance policies generally cover losses for mistakes made in researching, abstracting and examining the title as well as losses caused by items that cannot be discovered by examination of the public records, such as: mistakes in the public record; fraud or forged title instruments; undisclosed heirs; adverse possession and other undisclosed prescriptive rights, etc. A title insurance policy will financially protect the insured party by paying its legal defense fees and monetary claims, should unexpected items that are not of record arise.

A notary public (sometimes called a notary or a public notary) is an individual authorized by state and local government to officially witness signatures on legal documents, collect sworn statements and administer oaths. A notary public uses an embossing tool to verify his or her presence at the time the documents were signed.

For your conveinience we have two Notary's with our Mobile Closings

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What's NEW?

Mobile Closings. 
Starting 12-1-2010 The Roanoke Settlement office has become a mobile closing & title service.  With extended hours and days.  Now open from 9am to 9pm seven days a week.  

Post Office Box 290
Hardy VA 24101
PH: 540.650.3262
FX: 540.523.1900

89 North Main Street
Kilmarnock VA 22482
PH: 804.435.2626
FX: 804.435.2628

Paul C. Stamm Jr
Attorney at Law
Effective Janurary 2010
New RESPA Rules:

New closing proceedures go into effect changing loan documents and HUD's.   In order to help the learning curve we offer free RESPA/GFE price qouting to make your loan process quicker and seamless.  Avoid surprises at the closing table and call us today for your quote.